The Swiss Stock Market Rebounded Slightly After China Shock

(RTTNews) - The Swiss stock market ended Tuesday's session in the green, recovering some of yesterday's losses. Global markets were under pressure yesterday, after China's stock market turned in its worst daily performance in over 8 years. The Swiss market regained some ground today despite the fact that the Chinese market fell again today. The bounce was sparked by bargain hunting.

The Swiss market climbed back above the 9,200 point level early Tuesday and then built further upon those gains. There was a bit of a slowdown in the afternoon, after the release of some disappointing U.S. economic data. Investors will be watching for Wednesday's statement from the Federal Reserve for any clues to when it plans to begin raising U.S. interest rates.

The Swiss Market Index increased by 0.88 percent Tuesday and finished at 9,275.72. The Swiss Leader Index climbed by 0.96 percent and the Swiss Performance Index added 0.87 percent.

Transocean was among the best performers of the session, with an increase of 4.4 percent. Swiss Life and Baloise both gained 2.6 percent each, but Zurich Insurance was under pressure.

Zurich Insurance dropped by 1.8 percent on news that it is considering a takeover offer for the U.K.'s RSA Insurance Group.

Cyclical stocks turned in a positive performance Tuesday. Luxury goods company Richemont climbed by 2.0 percent and Givaudan advanced by 1.9 percent. Aryzta increased by 2.0 percent and Sika also climbed by 2.0 percent. KeplerCheuvreux lowered its price target on Sika, but reiterated their "Buy" recommendation.

The index heavyweights all finished in the green. Novartis and Roche both advanced by 1.0 percent, while Nestle gained 0.8 percent.

UBS rose by 1.8 percent, bouncing back from yesterday's losses after its half year report. JPMorgan slightly increased its price target on the stock.

LafargeHolcim finished up by 0.4 percent, ahead of tomorrow's report. This will be the final time that the merged Cement Group reports quarterly figures for the two companies separated out.

AMS dropped by 8.1 percent. The company reported record revenue growth in the second quarter, but its third quarter sales forecast was disappointing.

Sulzer closed higher by 0.80 percent. The company reported results for the first half of the year and lowered its forecast for the full year 2015.